http://www.thedailybrad.com/eastern-europe/
The Forthcoming Visit Of King Harald V And Queen Sonya Of Norway To Croatia Has Raised The Profile Of Development Plans To Turn Land Near Sucuraj, On The Eastern End Of Hvar Island, Into A Resort Rivaling Cannes
A forthcoming royal visit to Croatia from the King and Queen of Norway highlights the development on eastern Hvar near Sucuraj, promoted as the new Cannes. The royal partners are due on an official visit to Zagreb and the tidal town of Sibenik on May 12-13, accompanied by one hundred Norwegian businessmen, who are investigating investing opportunities in the former-Yugoslav republic as reported suite101.com.
Croatia is becoming more and more popular as a holiday destination. Curious about purchasing a house on an Croatian island, apartment in a quiet Dalmatian town, commercial property in Dalmatia or land plot for a bigger investment? According to the Law of Croatia real estate, foreign voters and enterprises can be owners of real estate in all of the teritory of Republic Croatia (Istria, Kvarner, Dalmatia, Continental Croatia, and all Croatian islands).
Croatian property enquiries for the winter period of 2010 to 2011 are up from the previous year. They are still some distance from pre crisis levels but a significant rise never the less. Transaction volumes are still low but the amount of sales converted is rising and backers who have been showing interest over the last twelve months are beginning to commit. With improving business conditions worldwide and a signs that confidence is returning in Europe, all be it slowly and carefully, it would seem the trend should continue in 2011.
One thing's for sure, Croatian real estate agents are truly working for their commission. This is no bad thing. It has reduced the number of players in the market significantly. It has raised the standards as buyers ask significantly more questions, and generally look far more closely at price. This has forced Croatian property agents to be more competent, informed and fitted out with reasoned disagreements instead of the standard sales patter. It has also helped to control the Croatian property market better as prices paid are pragmatic. There aren't any men with black brief cases sneaking round the corner prepared to pay five times more than the property is basically worth. Those times are well behind us and thankfully so.
Price-wise, with no regard for reports of falls of between 5% and 10%, in fact Croatian property costs have fallen more like 20% to 30%. The reason for the variance is due to publicized and real sales values. This is particularly true for properties in Croatia coastal locations where a lot of the property is acquired by foreigners and where exchange volumes are so low that info is limited, so much so it is tricky to appraise. Similarly the current system of monitoring Croatian real estate costs is reasonably ineffective thanks to a lack of accurate info. The key source of data is that of the tax office, where contractual costs of Croatian property sold are registered. However , the practice of manipulating contractual costs for tax purposes is still commonly found in Croatia making available data untrustworthy.
In the tidal locations, foreign property owners are much more inclined to drop costs. A lot of them have experience similar price drops in their domestic marketplaces and have quickly become used to the idea property is worth less than it used to be and that costs are relative. For instance a significant number of foreign owners have sold property in Croatia, to take advantage of dropping prices at home, preferring to reinvest regionally. We see this trend continuing all though 2011.
When thinking about the Croatian market direction for 2011, it is also vital to have a look at Croatia's economic and political situation. Currently Croatia is going thru its own crisis of confidence, not least with the economy. But considering the state of plenty of the other marginal Western European economies as well as it's comparative size, Croatia is not alone. It is no worse than Greece, Ireland, Portugal, Spain and most likely Belgium and is perhaps better in numerous examples. The country actually hasn't been bailed out by the European Union or International Financial Fund yet Moreover, as the ECU is attempting to introduce a more strategic and coordinated economic policy approach, Croatia, soon to be a member, should benefit.
Similarly Croatia is tackling the issue of corruption head on. there were numerous high profile arrests including the arrest of Ivo Sanader the previous PM, as well as a number of his ex ministers and it seems like this is just the start . With the press now having free reign in the democratic process stories of new government officers and their mysterious wealth are hitting the news on a regular basis. It might appear that Croatia is kind of unique with respect to its open attempts to tackle corruption. Born by it's need and drive to join the European Union Croatia, unlike Romania and Bulgaria, as well as some of the more established countries of the ECU, has needed to be brave and deal with this tough problem up front of Croatia EU Advent.
This has understandably caused some negative sentiment from foreign investors short term. But then speculators are being wary for a similar reasons they are cautious just about everywhere in Europe right now. We only truly see this changing once the banks start to lend again bringing with it a change in sentiment. This is particularly the argument for the second houses market. But medium to long-term, and more precisely after Croatia joins the EU end of 2012, things will improve.
How does this affect the Croatia property market? Short term we expect there to be continued downward pressure on real estate costs in Croatia, but with exchange volumes rising as buyers and financiers look to use bargains as well as some solid Croatian property investment opportunities. This is right for both the domestic and foreign consumers. Medium term we expect to see Croatia join the ECU, but it is yet to be seen how much of a repercussion on Croatian real estate prices it will have. There are 2 distinct probabilities, a modest and stable effect or an inflationary drive. It will principally rely on the ECU itself and whether or not it is able to resolve it's own issues and mend confidence in its own capability to manage and unify it's members on the mandatory money regulation so as to prevent the same sovereign credit problems some of it's members are currently facing, and more importantly the impact which has on it's other members and the ECU itself.
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The Outsiders - Eastern Europe
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